OHB, OAB sign deal to extend mortgage support for Omanis

3/25/2014 5:04:53 PM

(MENAFN- Muscat Daily) Oman Housing Bank (OHB) and Oman Arab Bank (OAB) have signed an agreement under which the two banks will continue to support housing development by providing more loans for Omanis.

Under the agreement, OAB will provide mortgage finance for those wishing to buy, build or expand a house. The maximum amount of each loan is RO60,000, with a repayment period of up to 25 years.

''This agreement showcases the close cooperation between banks operating in the sultanate and highlights the interest and attention of these banks in urban development," said Adnan bin Haider Darwish, general manager of OHB.

The agreement will contribute to meeting the increased demand for housing loans, which have soared after administrative services fees were slashed," he added. ''OHB doesn't spare any efforts to making the period the clients have to wait to get the approval for their loan requests shorter; and this was one of the biggest motives to sing this agreement with OAB."

''The agreement will contribute to strengthening mutual cooperation with OHB in providing mortgage finance for those wishing to buy a house or build a new one," said Ameen Rasheed al Husseini, CEO of OAB.

OAB's 'Al Dar' product is a housing loan with attractive interest rates, a repayment holiday of up to 18 months for the duration of the construction period and a repayment period of up to 25 years.<

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